• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Features

Nigeria’s Trade Rises by 68% in Q4

6 months ago
in Features, highlights, Home, home-news, latest News
2 min read
0 0
0
66
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Nigeria’s Trade Rises by 68% in Q4

Nigeria’s total merchandise trade surged to N36.6 trillion in the fourth quarter of 2024, reflecting a 68.3 percent increase compared to the same period in 2023 according to new data from the National Bureau of Statistics (NBS).

While exports accounted for N20 trillion, a 57.7 percent year-on-year rise, they declined slightly by 2.55 percent from Q3 2024. Imports, on the other hand, climbed to N16.6 trillion, up 83.2 percent from Q4 2023 and 8.57 percent from Q3 2024, driven by heightened demand for manufactured and raw material goods.

Trade Balance shrinks amid rising imports

Despite recording a positive trade balance of N3.4 trillion, Nigeria’s surplus declined 34.86 percent from Q3 2024, as import growth outpaced export performance.

Crude oil remained the country’s dominant export, accounting for N13.78 trillion (68.9 percent of total exports). Non-oil exports stood at N6.2 trillion, contributing 31.1 percent to overall exports.

The N16.6 trillion import bill was largely fueled by an influx of manufactured goods (N8.47 trillion, up 113.3 percent year-on-year) and raw materials (N2.1 trillion, up 118.2 percent). China maintained its position as Nigeria’s top import source, contributing N4.61 trillion (27.8 percent of total imports), followed by India, Belgium, the United States, and France.

RelatedPosts

BoG Tightens Foreign Currency Import and Export Rules to Curb Money Laundering

BoG Reiterates Warning Against Unauthorised Foreign Exchange Transactions

GRA to Tax Cryptocurrency Gains as Authority Prepares Digital Tracking System

The most imported commodities included motor spirit, gas oil, refined sugar, aircraft parts, and photovoltaic cells.

Nigeria’s agricultural exports soared by 232 percent year-on-year to N1.54 trillion, with cocoa beans, sesame seeds, and cashew nuts leading the sector. However, manufactured goods exports slumped by 52.5 percent from Q3 2024 to N494.2 billion, reflecting a weaker performance in industrial production.

Nigeria’s top trading partners

The country’s largest export destinations in Q4 2024 were The Netherlands, France, Spain, India, and Indonesia, collectively accounting for 43.67 percent of total exports. Europe was Nigeria’s biggest trade region, absorbing N8.67 trillion (43.3 percent) of exports, followed by Asia (N5.56 trillion) and America (N3.52 trillion).

Intra-African trade

Nigeria’s trade with Africa totaled N2.56 trillion, with exports of N2.04 trillion outpacing imports of N514.9 billion. The country’s top African export destinations were South Africa, Ivory Coast, Senegal, Cameroon, and Togo, while most imports came from South Africa, Egypt, Equatorial Guinea, and Ivory Coast. Within ECOWAS, Nigeria recorded N1.18 trillion in exports and N77.1 billion in imports, with Ivory Coast emerging as the top regional trade partner.

The report showed that maritime transport dominated trade, accounting for 98.8 percent of total exports and 90.2 percent of imports. Apapa Port handled the bulk of transactions, processing N17.92 trillion (89.6 percent) of exports and N10.05 trillion (60.6 percent) of imports.

Tags: NigeriaNigeria’s Trade Rises by 68% in Q4trade

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

No Result
View All Result

Highlights

 Importers and Exporters Association Decries “Mafiarian” Auctions of Perishable Goods at Ghana’s Ports

Nigeria Leads as Africa’s Wealthiest Economies Lose Over 8,000 Millionaires in 10 Years

Financial Stocks Gain as Accra Bourse Slips on Prime Index Decline

Ghana in Talks With Nigeria Over Possible Barter Deal to Swap Gas for Electricity

Ghana set to Save $300m in Debt Restructuring Deal With IPPs – ACEP’s Ben Boakye Discloses

Morocco and Madagascar set up Historic CHAN Final in Nairobi

Trending

Banking & Finance

BoG Tightens Foreign Currency Import and Export Rules to Curb Money Laundering

August 27, 2025

BoG Tightens Foreign Currency Import and Export Rules to Curb Money Laundering The Bank of Ghana (BoG)...

BoG Reiterates Warning Against Unauthorised Foreign Exchange Transactions

August 27, 2025

GRA to Tax Cryptocurrency Gains as Authority Prepares Digital Tracking System

August 27, 2025

 Importers and Exporters Association Decries “Mafiarian” Auctions of Perishable Goods at Ghana’s Ports

August 27, 2025

Nigeria Leads as Africa’s Wealthiest Economies Lose Over 8,000 Millionaires in 10 Years

August 27, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.